Dying? Already dead.
New Jersey Real Estate Report Blog
by grim
42m ago
From Fast Company: How the starter home became a dying American dream When 26-year old Memphis resident DeMario Johnson returns to his home after working a long day servicing waterwells for the local utility in Raleigh, North Carolina, he doesn’t just see a two-bed, two-bath home—he sees a place that makes his family happy. His wife loves having bigger rooms, his daughter delights in a space all her own, his two-year-old son spends afternoons stretching out in the hallway, running back and forth, and he personally loves the large, low-slung front porch.  But Johnson also sees securit ..read more
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Sold out, come back again later.
New Jersey Real Estate Report Blog
by grim
2d ago
From NJ.com: New listings of homes for sale plummeted 10% or more in these 7 N.J. counties. See latest prices. More than half of New Jersey counties saw fewer homes hit the real estate market in January with seven counties showing declines of at least 10% compared to last year, the latest figures from Realtor.com showed. The biggest year-over-year decline was in Morris County with a more than 21% decrease in newly listed homes for sale from January 2023, according to the data. The median price for the 254 new listings in Morris County was $691,225. Statewide, a total of 6,088 homes w ..read more
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Florida’s new “property tax”
New Jersey Real Estate Report Blog
by grim
4d ago
From the NY Post: Florida home prices fall as surging insurance costs scare buyers Home prices along Florida’s southwest coast have plummeted as excess inventory soars due to the ongoing insurance crisis that has gripped the Sunshine State. Realtors said that the soaring cost of home insurance has scared off would-be snowbirds from buying properties in the popular corridor between Sarasota and Naples. Potential buyers have been spooked by insurance premiums which have climbed precipitously since Hurricane Ian in 2022. Since the storm, insurance rates rose by 42% last year ..read more
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Mortgage see-saw takes it’s toll
New Jersey Real Estate Report Blog
by grim
6d ago
From CNBC: Mortgage rates surge higher again, causing homebuyers to pull back After a brief reprieve in December and January, mortgage rates are moving higher again, and that is taking its toll on mortgage demand. Total mortgage application volume fell 2.3% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 6.87% last week from 6.80% the week before, with points rising to 0.65 fro ..read more
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37 NJ towns you can’t afford
New Jersey Real Estate Report Blog
by grim
1w ago
From the Star Ledger: These 37 N.J. towns have home values of at least $1M. See latest statewide ranking. New Jersey’s home prices continued to steadily increase through the end of last year with typical home values of at least $1 million in 37 towns across the state, according to the latest Zillow data. The top five home values were once again reported two pairs of neighboring Jersey Shore towns – Deal and Allenhurst in Monmouth County and Avalon and Stone Harbor in Cape May County – along with Alpine in Bergen County. Nearly every ZIP code included in Zillow’s data for December posted increa ..read more
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Flooding kicks off new wave of Blue Acres buyouts
New Jersey Real Estate Report Blog
by grim
1w ago
From ABC News: Flood-stricken New Jersey residents look into government-funded home buyout program The flooding in parts of New Jersey over the past few months left mounts of headaches for residents. Countless residents from those affected areas came out to meet with New Jersey State Department of Environmental Protection officials in Pompton Lakes Thursday night to learn about the Blue Acres Program. The program is voluntary and it relocates flood-stricken residents who are considering government-funded buyouts of their homes. It eligible, homeowners would be offered fair market value fo ..read more
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Priced out of Monmouth
New Jersey Real Estate Report Blog
by grim
1w ago
From the APP: Monmouth County median home prices start the new year by rising over the $800K mark The median home in Monmouth County listed for $808,750 in January, up 2.5% from the previous month’s $789,000, an analysis of data from Realtor.com shows. Compared with January 2023, the median home list price increased 13.9% from $699,950. The statistics in this article only pertain to houses listed for sale in Monmouth County, not houses that were sold. Information on your local housing market, along with other useful community data, is available at data.app.com.  Monmou ..read more
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NYC’s rent controlled time bomb
New Jersey Real Estate Report Blog
by grim
1w ago
From Bloomberg: Why NYC Apartment Buildings Are on Sale Now for 50% Off Even in the crisp afternoon sunlight, the two-bedroom Manhattan apartment has a ghostly pallor, its cracked walls yellowing like an ancient black-and-white photograph. Paint chips are falling from the ceiling. A dead pigeon lies on the kitchen floor. Its landlord, Douglas Peterson, is making a stop on a dispiriting tour of a 21-unit building he bought in 2018 for $4.8 million. Peterson’s City Skyline Realty Inc. specializes in a subgenre of real estateinvestment: properties subject to the New York City rent-regul ..read more
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Shocker: Rental agents say you should rent…
New Jersey Real Estate Report Blog
by grim
1w ago
From CBS/Philly: Jersey Shore real estate experts urge families to book summer rentals quickly as warm weather approaches Jersey Shore real estate experts are urging families to book their summer rentals quickly as they expect a spike in demand for homes in the coming weeks. Maria Kirk, who runs the 20-year-old website Shore Summer Rentals, said traffic to her site is up 20% since the start of the new year. “Soon as New Year’s passed, a light bulb goes on, and everyone starts booking,” Kirk said. “We had a really strong January and an even stronger February.” She said the recent stretch o ..read more
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Best geopolitical news in a decade
New Jersey Real Estate Report Blog
by grim
1w ago
Has nothing to do with real estate, but our neighbors on this side of the world really should be our strongest trade partners. From Quartz: The US imported more from Mexico than China for the first time in decades For the first time in two decades, US imports from Mexico surpassed those from China, according to data from the US Census Bureau, signaling a shift in global trade due to tensions between the US and China.  The US’s trade deficit, which represents exports minus imports, with China fell, with imports falling 20% to $427.2 billion last year, noting that consumers a ..read more
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